Pakistan has approved two foreign companies, including an oilfield services provider, to begin operations in the country.
The Board of Investment (BOI) has granted permission to Singapore-based Beaumanoir Asia Sourcing Pte. Ltd. and INTAJ LLC to establish operations in Pakistan, according to an official communication sent to relevant government departments.
INTAJ LLC has been allowed to open a branch office in Islamabad to fulfill contractual obligations with United Energy Pakistan Ltd. (UEPL), UEP Beta GmbH, and UEP Alpha Ltd. for the provision of coil tubing and nitrogen pumping services, the BOI said in a letter to the Ministry of Finance.
The services are typically used in oil and gas well maintenance and production enhancement.
The approval is valid for an initial period of one year with immediate effect and is subject to compliance with Pakistan’s regulatory framework, including rules set by the State Bank of Pakistan (SBP).
Under the terms of the permission, the company may open a bank account with any commercial bank in Pakistan. Operating expenses must be financed through funds remitted from abroad via normal banking channels or through payments received under its contractual agreements.
Profit repatriation will be allowed subject to documentation requirements under the SBP’s Foreign Exchange Manual.
The BOI said employment of foreign nationals will require prior government approval, while any foreign currency remittances or issuance of foreign currency-denominated guarantees will be subject to central bank clearance.
The import and re-export of machinery and equipment will be governed by Pakistan’s prevailing trade policy. Commercial or trading activities within Pakistan are prohibited under the current approval.
The company is required to comply with the Companies Act, 2017, including filing necessary documentation with the Securities and Exchange Commission of Pakistan within 30 days.
The permission may be revoked if adverse reports are received from any government agency, and renewal must be sought at least 30 days before expiry.
